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How long does it take to get a secured loan from my bank?

When you apply for a secured loan the first thing that's probably on your mind is how long does it take to get a secured loan, especially if you really need the money. Unfortunately, no one but your provider can give you an exact date, and even then they're not guaranteed to be entirely helpful.

There's a lot of checks that need to be made when you want to get a secured loan, and certain factors will influence how long the loan will take, such as:

  • Your credit history.
  • The type of loan you apply for - bad credit loans, for example, can take a little longer.
  • The amount you apply for - larger loans can take longer than smaller secured loans.
  • The company you go to for the loan - some can provide near instant decisions, whilst others can take months.

Remember that ever benefit to a loan comes with a downfall. So, if you apply for a loan which promises to be in your bank account at lightning speed, think about how much extra you'll be paying. Also, bad credit loans will come with higher interest rates, and instant loans that don't require much of a credit check are likely to be the same.

Normally, most providers will give you an initial decision when you enquire about the loan. They'll then require some additional information, such as financial evidence, to secure the finance for you. Remember that the loan is secured on your home so you need to be a UK homeowner and be able to provide this information. When an initial decision is made and you past further checks you should receive notification for when the loan will either be processed or in your account.

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